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® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today released its
Origination Insight Report for November 2013. The report draws its data and insights from a robust sampling of the significant volume of loan applications—more than 20% of all originations in the United States—that flow through Ellie Mae’s
Encompass® mortgage management software and the
Ellie Mae Network™.
MONTHLY ORIGINATION OVERVIEW FOR NOVEMBER 2013
6 Months Ago(May 2013)*
1 Year Ago(November 2012)*
Days to Close
ARMs vs. Fixed, Length, Rate
15 Year %
30 Year – Note Rate
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR NOVEMBER 2013
Closed First-Lien Loans(All Types)
Denied Loans(All Types)
FICO Score (FICO)
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the August 2013 applications) to calculate an overall closing rate of 53.1% in November, up from 51.4% in October 2013 (see
“Refinances increased by six percentage points in November, the first time in ten months refinance share increased on a month-over-month basis,” said
Jonathan Corr, president and chief operating officer of Ellie Mae. “This was probably attributable to the quarter of a point decline in the interest rates on the 30-year note in November, which declined to 4.526.
“HARP-related refinancing activity also increased, as conventional refinances at 95%-plus LTV rose to 8.30% in November from 7.30% in October.